exv4w22





Exhibit 4.22



	 	 	 
	 

	 	Asbestos Injuries Compensation
	 

	 	Fund Limited
	 

	 	ACN 117 363 461
	James Hardie Industries NV
	 	 
	Atrium, 8th Floor, Strawinskylaan 3077

	 	Suite 1, Level 7
	1077ZX Amsterdam

	 	233 Castlereagh Street
	The Netherlands

	 	Sydney NSW 2000
	 
	 	 
	 

	 	PO Box A962
	Attention: Russell Chenu

	 	Sydney South NSW 1235
	 
	 	 
	 

	 	DX 11548, Sydney Downtown
	 
	 	 
	James Hardie 117 Pty Limited

	 	Telephone: (02) 9277 6600
	Level 3, 22 Pitt Street

	 	Facsimile: (02) 9277 6699
	Sydney NSW 2000
	 	 
	 
	 	 
	Attention: Bruce Potts
	 	 
	 
	 	 
	The State of New South Wales, c/- The Cabinet Office
	 	 
	Level 39, Governor Macquarie Tower
	 	 
	Farrer Place
	 	 
	Sydney NSW 2000
	 	 
	 
	 	 
	Attention: Leigh Sanderson
	 	 






Date: 3 August 2007




Dear Sirs/Madam




Interest Rate — Amended and Restated Final Funding Agreement Clause 4.7



Section 36(2) of the James Hardie Former Subsidiaries (Winding up and Administration) Act 2005
provides that where the Asbestos Injuries Compensation Fund Limited (AICFL) in its capacity as
trustee of the Asbestos Injuries Compensation Fund makes a payment of compensation on behalf of a
liable entity, the liable entity must indemnify the trustee for the amount of the payment,
including any relevant interest.



Under clause 4.7 of the Amended and Restated Final Funding Agreement, the interest shall be
calculated at the Interest Rate defined in the Amended and Restated Final Funding Agreement or such
other rate as is agreed in writing by the Parties to the Amended and Restated Final Funding
Agreement.



AICFL is concerned that determining the Interest Rate under the Amended and Restated Final Funding
Agreement is unnecessarily complex in this particular case. AICF would therefore prefer that the
parties agree to adopt a more straightforward interest rate to apply to the indemnity payments
under clause 4.7.




 









 







The Parties agree that the interest rate payable in each financial year for the purposes of clause
4.7 of the Amended and Restated Final Funding Agreement (and which will therefore apply for the
purposes of section 36(5) of the James Hardie Former Subsidiaries (Winding up and Administration)
Act 2005) shall be the zero coupon year 1 yield set out in the Annual Actuarial Report as at the
end of the preceding financial year prepared by the Approved Actuary pursuant to clause 14 of the
Amended and Restated Final Funding Agreement and that the interest will be charged at the end of
each calendar month on the amount indemnified by the liable entity at the start of that calendar
month.




	 	 	 	 	 
	Yours faithfully,

 	 
	/s/ Peter W. Baker
 	 
	Director/Secretary 	 
	 
	Duly authorised for and on behalf of Asbestos Injuries Compensation Fund Limited
in its capacity as trustee of the Asbestos Injuries Compensation Fund 
	 
	 	 	 
	/s/ Russell Chenu
 	 
	Director 	 
	 
	Duly authorised on behalf of James Hardie Industries N.V. 
	 
	 	 	 
	/s/ Bruce Potts
 	 
	Director 	 
	 
	Duly authorised for and on behalf of James Hardie 117 Pty Limited 
	 
	 	 	 
	/s/ Leigh Sanderson
 	 
	 
	Duly authorised for and on behalf of the New South Wales Government 
	 	 	 
	6/8/07